W. P. Carey (NYSE:WPC) Given New $62.00 Price Target at Royal Bank of Canada

W. P. Carey (NYSE:WPC) had its target price boosted by Royal Bank of Canada from $61.00 to $62.00 in a research report released on Thursday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the real estate investment trust’s stock.

Several other analysts have also weighed in on WPC. UBS Group lowered their target price on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Barclays dropped their price objective on W. P. Carey from $59.00 to $56.00 and set an “underweight” rating for the company in a research report on Tuesday, February 4th. JMP Securities restated a “market perform” rating on shares of W. P. Carey in a report on Thursday. Finally, Scotiabank reduced their price objective on shares of W. P. Carey from $60.00 to $59.00 and set a “sector perform” rating on the stock in a research note on Thursday, January 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, W. P. Carey has a consensus rating of “Hold” and a consensus price target of $62.00.

W. P. Carey Price Performance

Shares of NYSE WPC opened at $58.89 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.00 and a current ratio of 1.00. W. P. Carey has a one year low of $52.91 and a one year high of $64.26. The firm has a market capitalization of $12.89 billion, a P/E ratio of 23.19, a PEG ratio of 1.02 and a beta of 0.97. The company’s fifty day moving average is $55.39 and its two-hundred day moving average is $57.61.

W. P. Carey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 5.98%. The ex-dividend date of this dividend was Tuesday, December 31st. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.88. W. P. Carey’s dividend payout ratio is currently 168.42%.

Institutional Investors Weigh In On W. P. Carey

A number of institutional investors have recently added to or reduced their stakes in WPC. Adams Wealth Management lifted its holdings in shares of W. P. Carey by 33.5% during the fourth quarter. Adams Wealth Management now owns 11,675 shares of the real estate investment trust’s stock valued at $635,000 after purchasing an additional 2,930 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of W. P. Carey by 3.3% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 454,720 shares of the real estate investment trust’s stock valued at $24,766,000 after buying an additional 14,505 shares during the period. Demars Financial Group LLC grew its stake in W. P. Carey by 10,001.1% in the fourth quarter. Demars Financial Group LLC now owns 998,292 shares of the real estate investment trust’s stock valued at $54,387,000 after purchasing an additional 988,409 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of W. P. Carey by 6.3% in the 4th quarter. NewEdge Advisors LLC now owns 8,196 shares of the real estate investment trust’s stock valued at $447,000 after buying an additional 485 shares in the last quarter. Finally, CacheTech Inc. grew its position in W. P. Carey by 33.5% in the fourth quarter. CacheTech Inc. now owns 11,675 shares of the real estate investment trust’s stock worth $635,000 after acquiring an additional 2,930 shares in the last quarter. 73.73% of the stock is currently owned by institutional investors and hedge funds.

W. P. Carey Company Profile

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023.